Frequently Asked Questions

If you have a question about our business or our products, there’s a good chance we have an answer for you below.

Coronavirus Support

How can I get help with my financial burdens caused by coronavirus (COVID-19)?

Visit our COVID-19 Small Business Resource Center to find the latest state and federal resources that can help ease financial challenges your business is facing.

Will my business credit be affected if my account becomes past due because of COVID-19?

We have coordinated with credit agencies to either temporarily suspend our reporting or to report past-due accounts using a code that indicates you have been affected by a natural or declared disaster. That code should suppress the past-due status and/or the account itself from being included in the calculation of your credit score, but does not guarantee that your score will be unaffected.

What should I do if I’m going to miss a payment?

If you are unable to make a payment due to the virus, please contact our customer support team at 866.615.4747 or service@businessbacker.com as soon as possible so we can discuss your payment options.

Why am I having trouble reaching someone when I call Customer Support?

With the recent spread of the Coronavirus Disease (COVID-19), we’ve made adjustments to help keep our teams and their families safe. In the short term, this may mean higher wait times for calls. You can still log in to businessbacker.com to make a payment and check your account information. You can also contact us directly via email at service@businessbacker.com.

Where can I find reliable information about the Coronavirus?

The Centers for Disease Control and Prevention (CDC) provides many good resources that can keep you informed and prepared with the latest on the disease at their website, https://www.cdc.gov/.

About The Business Backer

Who is Enova International?

Enova International (NYSE: ENVA) is a publicly traded financial services company conducting business in two countries. The Business Backer, which was founded in 2007, has been a subsidiary of Enova since 2015. Enova International has served over five million customers and issued more than $25 billion in loans to consumers and small business owners.

How does The Business Backer differ from traditional bank financing?

The two biggest differences are our application and funding processes. We’ll typically give you a decision in a matter of hours instead of weeks. And, if we make you an offer and you accept, funds will be available the same business day if approved before 2:00 p.m. CT. If approved after 2:00 p.m. CT, funds will be available the next business day.

Can I still qualify if I have bad credit or tax liens or if I am in bankruptcy?

We understand that credit bureau information doesn't always depict the full story. That's why we never base our qualification decision on just a credit score.

Instead, we take a "whole picture" look at your business's history and needs along with other factors such as annual revenue and industry risk. If you have a low credit score or potential legal holdups, our team will work with you to determine whether or not we can provide you with financing.

We encourage you to contact a Funding Advisor at sales@businessbacker.com if you have additional questions.

Does The Business Backer report to credit bureaus?

We report our purchase of receivables and small business loan products to Experian on a monthly basis. This means that full, on-time payments may help your business build a positive credit history.

Purchase of Receivables (Cash Advance)

What is a purchase of receivables agreement?

It is a financial contract where The Business Backer purchases a percentage of your business’s future revenue (also known as receivables), and in return provides you funding. This product is available in all 50 states. You deliver a percentage of revenue to us until the funding amount and associated fees are delivered to us in full. If your revenue changes you can request a change in your payment deliveries.

What are the minimum requirements to qualify for purchase of receivables funding?

A minimum of 1 year in business, at least $250,000 in annual revenue and a 550+ credit score.

How much can I qualify for?

We offer funding up to $200,000. Your business’s unique characteristics, along with annual sales, industry type, time in business and overall credit performance, will determine how much funding we can provide you.

What types of costs and fees are involved?

The factor rate is a simple multiplier that determines the amount of receivables you will deliver to us in return for the funding that we provide you; this is the initial cost of a purchase of receivables agreement. It ranges from 1.2 to 1.47 and averages 1.28. The actual factor rate you qualify for depends on the information in your application like annual revenue, how long you’ve been in business and your business’s financial history.

The purchase fee is a one-time fee that is deducted from your funding amount. It ranges from 0% to 3% of the funding amount depending on your business’s unique characteristics. You have the discretion to increase the purchase fee up to 8% in order to reduce the factor rate.

How quickly can I receive funding?

If approved before 2:00 p.m. CT, funds will be available the same business day. If approved after 2:00 p.m. CT, funds will be available the next business day.

What if I need additional funding before I’ve delivered all receivables sold under my existing purchase of receivables agreement?

You can apply for additional funds as soon as 60 days after your initial funding.

Is there a penalty to prepay my purchase of receivables agreement?

No. There are no prepayment penalties.

Small Business Loan

Do you offer small business loans in all states?

The small business loan is offered in: DE, IA, ID, KS, LA, MA, ME, MN, NE, NH, PA, UT, VA, WA and WY. In states where we do not offer small business loans, you may still be eligible for a purchase of receivables.

Is there a minimum loan amount?

The minimum amount for our small business loan is $5,000.

What are the minimum requirements to qualify for a small business loan?

A minimum of 1 year in business, at least $180,000 in annual revenue and a 550+ credit score.

How much can I qualify for?

We offer funding up to $200,000. Your business’s unique characteristics, along with annual sales, industry type, time in business and overall credit performance will determine how much funding we can provide you.

What types of costs and fees are involved?

The interest expense is the initial cost of your funding. It ranges from 1.7% to 4.3% per month and averages 2% per month. The actual interest expense you qualify for depends on the information in your application like annual revenue, how long you’ve been in business and your business’s financial history.

The origination fee is a one-time fee that is deducted from your funding amount. It ranges from 0% to 3% of the funding amount depending on your business’ unique characteristics. You have the discretion to increase the origination fee up to 8% in order to reduce the interest expense. In Iowa, the maximum origination fee is 2%.

How quickly can I receive funding?

If you are approved, do not need to provide additional documentation, and sign your contract before 2:00 p.m. CT, funds will be available the same business day. If you sign your contract after 2:00 p.m. CT and do not need to submit additional information, funds will be available the next business day.

What if I need additional money while I am still paying off my current funding?

You can apply for additional funds as soon as 60 days after your initial funding. In addition, if you have been approved for a second loan before your first loan is paid off, the unpaid interest is forgiven and the remaining principal is rolled over to your next loan.

Is there a penalty to pay off my small business loan early?

No. In fact, customers in good standing that pay off their small business loan early can receive a 35% discount on non-accrued interest.

Headway Capital’s Business Line of Credit

How does a business line of credit work?

Headway Capital’s line of credit customers can draw funds whenever they need, up to their available credit limit, and pay interest only on their outstanding principal.

What are the minimum requirements to qualify for a Headway Capital line of credit?

A minimum of 6 months in business, at least $50,000 in annual sales and a 560+ credit score.

How much can I qualify for?

Headway Capital offers business lines of credit up to $100,000. Small business owners located in Maryland and North Carolina are only eligible for a line of credit up to $50,000. Your business’s unique characteristics, along with annual sales, industry type, time in business and overall credit performance will determine how much funding you could receive.

What types of fees and costs are involved?

Headway Capital has a draw fee and charges monthly interest. Interest rates range from 3.3% to 6.0% monthly. The average monthly interest rate is 4.6%. In most states, draws from your line of credit are subject to a 2% draw fee. CO, GA, IN, NJ and OK don’t have a draw fee.

How quickly can I receive funding?

Funds will be available the next business day if approved before 6:00 p.m. CT. If approved after 6:00 p.m. CT, funds will be available in two business days.

What if I need additional money while I am still paying off my current funding?

Headway Capital’s line of credit is a true, revolving line of credit. This means that as the outstanding principal is repaid, that money becomes available to draw again, up to the available credit limit.

Is there a penalty to pay off my business line of credit early?

No. There are no prepayment penalties.

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